Holland & Barrett snapped up for £1.8 billion by L1 Retail

Holland & Barrett has been acquired for £1.8 billion by a retail investment fund controlled by Russian billionaire Mikhail Fridman.

L1 Retail, an arm of the tycoon's holding company LetterOne, said that it has snapped up the retailer from its parent firm Nature's Bounty, which is owned by private equity giant Carlyle.

The fund's managing partner Stephan DuCharme said: "Holland & Barrett is a clear market leader in the UK health and wellness retail market, with attractive growth positions in other European and international markets, and growing online presence, with a leading customer loyalty programme and 10 million active cardholders."

He added that the group will look to take a bigger slice of the growing £10 billion health and wellness market, adding that L1 Retail will continue to work with Holland & Barrett chief executive Peter Aldis.